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Mullen Stoker

Mullen Stoker

Chartered Accountants in Durham

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Fears over business insolvency drop considerably\’

As the outlook for the UK economy remains uncertain, UK business fears over potential insolvency appear to be easing.

While government data shows insolvencies are at a four-year high, research suggests that these figures are reaching their peak.

Wealth management and professional services group Evelyn Partners found that just under one in three businesses (32 per cent) acknowledged there is a risk they will become insolvent over the next 12 months.

This is considerably lower than in September 2022 when 47 per cent of firms believed there was a risk of insolvency.

According to the firm, businesses now seem to “be in a stronger position to weather this uncertainty and have rowed back from plans to batten down the hatches”.

Alternative means of funding

It also found that with traditional lender appetite suppressed, UK business owners are looking to alternative means of funding. Of the total capital UK businesses are looking to raise in the next six months, just 12 per cent of this funding will be from traditional banks.

More are turning to alternative means of funding, such as credit funds, where nine per cent of funding is set to be raised in the next six months.

‘Survival prospects have improved’

Claire Burden, partner at Evelyn Partners, said: “Businesses have weathered an exceptionally challenging winter, in which the cost of funding has soared, consumer confidence has taken a sizeable hit and energy prices have rocketed.

“Emerging out of these challenging months, it is encouraging that business confidence remains stable, and survival prospects have improved as businesses look ahead over the next year.

“Businesses are not out of the woods just yet, however. Although funding remains in ample supply, banking instability and interest rate rises have led to a buyers’ market. For borrowers and management teams this has resulted in more cumbersome financing processes.

“Businesses looking to re-finance or take on additional funding should therefore start the process early and enlist the support of specialist advisors to help identify funding options and the providers best aligned to their business needs.”

Need financial advice or advice on funding options? Get in touch.

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We bring a fresh, dynamic and friendly approach to Accountancy services. We are proud to say you will not find Mullen Stoker to be a stereotypical Accountancy Practice as we have new ideas, add value to what are known to be more traditional accountancy services and are able to provide high quality IT Solutions

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